West Virginia Down Payment and Closing Cost Assistance

What is the West Virginia Down Payment and Closing Cost Assistance Program?

The West Virginia Down Payment and Closing Cost Assistance Program provides financial aid to eligible homebuyers to reduce upfront costs associated with purchasing a home.

How much assistance is available through this program?

Homebuyers can receive up to $7,500 in assistance, or up to $10,000 for income-eligible borrowers, to help cover down payment and closing costs.

Who qualifies for the Down Payment and Closing Cost Assistance Program?

Eligibility is based on income, credit score, and purchase price limits. Applicants must use the property as their primary residence and meet program requirements.

Do I need to be a first-time homebuyer to qualify?

No, both first-time and repeat homebuyers may qualify as long as they meet the program’s eligibility criteria.

What is the minimum credit score required for this program?

Applicants typically need a minimum credit score of 620 to qualify, though a higher score may improve eligibility and loan terms.

Are there income limits for the assistance program?

Yes, income limits vary based on household size and the county where the property is located, ensuring the program supports low- to moderate-income buyers.

What types of properties are eligible for this program?

Eligible properties include single-family homes, townhouses, and condominiums. Manufactured homes may qualify if they are permanently affixed to a foundation and meet program guidelines.

What is the maximum purchase price allowed?

As of 2025, the maximum purchase price typically ranges from $200,000 to $400,000, depending on the county and program requirements.

Does the down payment assistance need to be repaid?

Yes, the assistance is provided as a deferred loan with no interest. Repayment is required if the home is sold, refinanced, or no longer used as the buyer’s primary residence.

Can the assistance be used for closing costs?

Yes, the funds can be applied toward eligible closing costs as well as the down payment, reducing the upfront expenses for homebuyers.

Is homebuyer education required for this program?

Yes, completing a homebuyer education course is mandatory to ensure buyers are well-prepared for the responsibilities of homeownership.

Are there debt-to-income (DTI) ratio requirements?

The maximum allowable DTI ratio is typically 45%, though exceptions may apply for applicants with strong credit or other compensating factors.

Can this program be combined with other assistance programs?

Yes, the Down Payment and Closing Cost Assistance Program can often be combined with other state or local programs to maximize financial benefits.

Can the assistance be used with FHA, VA, or USDA loans?

Yes, the program can be paired with FHA, VA, USDA, and conventional loans, provided all eligibility requirements are met.

Are there restrictions on where the property must be located?

Yes, the property must be located within West Virginia and meet the program’s eligibility criteria for type and purchase price limits.

Can the program be used for newly constructed homes?

Yes, newly constructed homes are eligible as long as they meet the program’s purchase price and other requirements.

How does the deferred loan work?

The deferred loan provides financial assistance without requiring monthly payments. Repayment is only required if the buyer sells, refinances, or no longer uses the home as their primary residence.

What are the benefits of this assistance program?

The program helps reduce the financial barriers to homeownership by covering upfront costs, making it easier for eligible buyers to purchase a home.

What is the application process for the Down Payment and Closing Cost Assistance Program?

Applicants work with an approved lender who verifies eligibility, guides them through the application process, and helps secure both the loan and any available assistance.

Is there a fee to participate in this program?

No additional fees are charged for accessing the program’s benefits, but buyers should review standard closing costs and other expenses with their lender during the process.